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Fort
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INSOLVENCY PROFESSIONAL AGENCY OF INSTITUTE OF COST ACCOUNTANTS OF
INDIA
INSTITUTE OF COST ACCOUNTANTS OF INDIA
CMA BHAWAN, 3, INSTITUTIONAL AREA
4TH
FLOOR, LODHI ROAD
NEW DELHI- 110003
Disclaimer:
The material and information included in the ‘Fortnightly Newsletter’ has been prepared
with due diligence and care. Adequate emphasis has been placed on collecting and
reporting the content that might be most useful for value addition and for the knowledge
of the members. Howsoever, IPA of ICAI shall not be held responsible for any loss or
damage, resulting from any action taken on the basis of the contents of this Newsletter.
© The IPA of ICAI has all rights reserved for its ‘Fortnightly Newsletter’. No part of this
Newsletter may be copied or produced in any form or means without having the prior
approval of the IPA.
Published by:
Insolvency Professional Agency of Institute of Cost Accountants of India (Section 8 Company registered under the Companies Act, 2013)
CIN: U74999DL2016NPL308717
4th
Floor, CMA Bhawan, 3, Institutional Area,
Lodhi Road, New Delhi - 110003
Phone No: 011-24666112
Email: [email protected]
President, The Institute of Cost Accountants of India, and
Chairman, Insolvency Professional Agency of Institute of Cost Accountants of India
“CMA Bhawan”, 3 Institutional Area,
4th
Floor, Lodhi Road, New Delhi-110003
FOREWORD
Dear Professional Colleagues,
I am happy that the Insolvency Professional Agency of Institute of Cost Accountants of India has
taken an initiative of publishing Fortnightly Newsletter to provide the information, updates and
related developments in the area of Insolvency and Bankruptcy in India. The Agency had brought its
first fortnightly newsletter in 2nd
week of April 2017. The first edition of fortnightly newsletter covers
Corporate Insolvency Resolution Process (CIRP). It gives me immense pleasure that the Agency is
publishing its 2nd
Fortnightly Newsletter covering the topic of Overview of Corporate Insolvency
Resolution Process, Liquidation, cases admitted by NCLT, public announcements made by
Insolvency Professionals and status of recent cases.
IPA provides the platform to members of Institute and other professionals and graduates who meet
the qualification and experience criteria, and also passed the “Limited Insolvency Examination” to
get enrolled as Insolvency Professionals and thus utilize their expertise in the process of revival and
resolution of the sick companies.
I have a pleasure to inform that the Insolvency Professional Agency of Institute of Cost Accountants
of India has been associated with ASSOCHAM for the International Conference on “New Corporate
Insolvency Regime” supported by Insolvency and Bankruptcy Board of India and the UNCITRAL,
and is being organised in partnership with INSOL India, the leading insolvency industry advocacy
body and SIPI – the newly set up think tank on insolvency. The Conference will be held on 28th
and
29th
April, 2017 at Hotel The Ashok, New Delhi.
I am sure that together we can and together we will go a long way in making a strong and healthy
insolvency regime in the nation. Hence, I urge more and more members, and other professionals to
come forward and get enrolled as Insolvency Professionals.
With warm regards,
(CMA Manas Kumar Thakur)
Date: 25th April 2017
Fortnightly Newsletter: 16.04.2017- 30.04.2017
“Success is where preparation and opportunity meet- Bobby Unser”
Dear Professional Colleagues, The Insolvency and Bankruptcy Code, 2016 provides the much needed platform to facilitate an easy revival and rehabilitation process for companies in financial distressed because of the factors beyond their control and also due to certain internal or external factors. For the revival of the financial strength of such corporate as well as safeguard the interest of the lenders such as Banks and financial institutions, timely support through restructuring is very much required. The Reserve Bank of India through its Schemes on Corporate Debt Restructuring (CDR), Strategic Debt Restructuring (SDR), Joint Lenders’ Form (JLF), Scheme for Sustainable Structuring of Stressed Assets (S4A) etc. provided the guidelines to banks and financial institutions for financial restructuring of corporate. But these schemes are not giving the desired results due to various factors particularly related to implementation by the corporates. Insolvency and Bankruptcy Code provides level playing field for both debtor and creditors to initiate Insolvency Resolutions Process in time bound manner by way of simplified procedures for both Insolvency Process for Corporate Persons (CIRP) and the liquidation process for corporate persons. It also safeguards the interest of other stakeholders such as operational creditors, bondholders, shareholders, government etc.
An Overview of Corporate Insolvency Resolution Process:
CORPORATE INSOLVENCY RESOLUTION PROCESS (CIRP)
a) Financial Creditor b) Operational Creditor
c) Corporate Debtor
Who can initiate CIRP [Section 6] Application to NCLT
Triggering Insolvency Provisions:
DEFAULT
In case of Co. &
LLP In case of Partnership
firm & Individual
Minimum amount of 1 Lakh Minimum amount of 1 thousand
Minimum amount of 1 lakh & 1 thousand can be increased up to 1 Cr & 1 lakh respectively
by CG
Where any Co. & LLP Commits
A default in paying
its
Operational Creditor Financial Creditor
Then a financial creditor/ operational creditor/ Company & LLP itself
May file an application, for initiating corporate insolvency resolution process with the
Adjudicating Authority.
Flow Chart of Activities to be done by an Interim Resolution Professional (IRP):
Public Notice [Form-A] Immediately (Max.
3days], English & Local Language
14 days’ time for submission of
claims (from appointment IRP)
Financial Creditor (Sec.7)
Operational Creditor (S.8)
Corporate Debtor (Sec.10)
If no proposal made by Operational Creditors, AA
shall make reference to Board to recommend IP
to be IRP, Board within 10 days, intimate name
If no Disciplinary Proceeding pending, appoint IRP for 30 days
Verification of Claims within 7 days
from the last date of receipt of claims IRP with 7 days shall appoint 2 registered
Valuers (from appointment IRP)
After collation of claims, constitute
committee of creditors [CoC]
1st meeting of CoC shall be within 7 days of its
constitution (S.22) filing of report with AA (R.17)
21 days
14 days
IRP to file report certifying constitution of
CoC on or before 30 days of his appointment
CoC in its 1st meeting shall appoint
IRP as RP or replace with another
30 days
Replacement by AA after confirmation by Board, If Board does not confirm within 10
days, AA directs IRP continue to function till Board confirms the proposed RP
Flow Chart of Activities to be done within 1st 30 days
Liquidation Process:
Section 33 of the Insolvency and Bankruptcy Code 2016 provides the grounds when the Liquidation shall be ordered by the Adjudicating Authority (National Company Law Tribunal- NCLT):
1. (a) Before the expiry of the insolvency resolution process period (180 days) or the maximum period permitted (180+90= 270days) for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process (90 days) or maximum period permitted (90+45= 135 days) under section 56, as the case may be, the NCLT does not receive a resolution plan under sub-section (6) of section 30; or
(b) NCLT rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein,
2. Where the resolution professional, at any time during the corporate insolvency resolution
process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order.
3. Where the resolution plan approved by the Adjudicating Authority is contravened by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, may make an application to the Adjudicating Authority for a liquidation order.
4. On receipt of an application, if the Adjudicating Authority determines that the corporate debtor has contravened the provisions of the resolution plan, it shall pass a liquidation order.
After the liquidation order is passed by the Adjudicating Authority, the process of liquidation commences and the resolution professional appointed for the corporate insolvency resolution process shall act as the liquidator for the purposes of liquidation unless replaced by the Adjudicating Authority. For the purposes of liquidation, the liquidator shall form an estate of the assets mentioned in section 36(3) of the Code, which will be called the liquidation estate in relation to the corporate debtor. The procedure relating to Liquidation Process for Corporate Persons shall be as per the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016. The gist of which is provided after the Flow Chart.
Liquidation Process Flow Chart
Liquidation order
Liquidation order will be passed if:
• CIRP ends
• Plan not submitted to NCLT
• Plan not approved
• Decided by CoC
• Plan not properly implemented
Liquidation steps
• Appointment of liquidator
• Public Notice within 5 days
• Formation of liquidation estate
• No legal suit or proceeding by or
against the debtor
• Verification of claims
• Consolidation of claims
• Distribution of assets
• Dissolution of debtors (shall be
completed within 2 years)
• If Liquidator fails to complete
with 2 years, shall make
application to AA for extension
Liquidator
Liquidator shall:
• Form liquidation estate
• take custody & control of all
assets
• consolidate, verify, admit and
determine creditors’ claims
• Carry on the business for its
beneficial liquidation
Government dues (upto 2 years) and
unpaid secured creditors
Insolvency resolution process and
liquidation costs
Secured creditor & workmen dues
(upto 24 months)
Other employee dues (upto 12
months)
Financial debts of unsecured creditors
Any remaining debts and dues
Preference shareholders, if any
Equity shareholders or partners, as the
case may be
Priority Distribution of Claims Reporting
• Preliminary report – within 30 days
from the date of the order;
• Progress report – within 15 days
after end of every period of 3
months from the date of order
Insolvency and liquidation cost
• Insolvency cost include interim
funding, cost of running the debtor
as going concern (e.g. rent or
salary of employees), cost of IP etc
• Liquidation cost include any cost
incurred by liquidator during
liquidation period
Secured creditor (Sec 52) in
liquidation
Secured creditor has the option to:
• enforce and realise the security
outside the Code, or
• relinquish its security interest and
receive proceeds as per defined
priority of claims
Distribution of Assets by Liquidator
• Distribution of proceeds within 6
months from receipt of amount
• Deduction of Insolvency cost if any
and Liquidation cost before such
distribution
Gist of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
notified by IBBI on 15th December 2016:
1. Prohibit an insolvency professional from acting as a liquidator for a corporate debtor if
he is not independent of the corporate debtor.
2. Prohibit partners or directors of an insolvency professional entity of which the insolvency
professional is a partner or director from representing other stakeholders in the same
liquidation process.
3. Liquidator, and also registered valuer(s) and professional(s) assisting him in liquidation
are required to make disclosures: initial and continuing –about pecuniary or personal
relationship with any of the stakeholders entitled to distribution of assets.
4. Specify the manner and contents of public announcement;
5. Specify the manner of receipt and verification of claims of stakeholders;
6. Reports and registers to be maintained, preserved and submitted by the liquidator;
7. Manner of realisation of assets and security interest, and distribution of proceeds to
stakeholders;
8. Provide that a liquidator should ordinarily sell the assets through auctions. He may sell
the assets through private sale only when the asset is perishable; the asset is likely to
deteriorate in value significantly if not sold immediately or the asset is sold at a price
higher than the reserve price of a failed auction.
9. Liquidator may sell an asset on standalone basis, or assets in a slump sale, assets in
parcels or a set of assets collectively.
10. Liquidator to prepare and submit a preliminary report, asset memorandum, sale report,
progress report, and final report prior to liquidation to the adjudicating authority, which
is the NCLT.
11. Provide that the fee payable to a liquidator shall form a part of liquidation cost. These
Regulations further provide that a liquidator shall be paid such fees and in such manner
as has been decided by the committee of creditors during the resolution process.
12. In all other cases, the liquidator shall be entitled to a fee as a percentage of the amount
realised net of other liquidation costs and of the amount distributed.
Contents of various reports:
Preliminary Report
•The capital structure of the corporate debtor;
•The estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor
•Whether liquidator intends to make any further inquiry into any matter relating to the promotion, formation or failure of the corporate debtor or the conduct of the business thereof, the details of the same; and
•The proposed plan of action for carrying out the liquidation, including the timeline within which he proposes to carry it out and the estimated liquidation costs.
Progress Report
•First report within 15 days after end of quarter in which he has been appointed as liquidator;
•Subsequently within 15 days after end of every quarter;
•Contents of Progress Report:
•appointment, tenure of appointment and cessation of appointment of professionals;
•a statement indicating progress in liquidation;
•details of fee or remuneration
•developments in any material litigation, by or against the corporate debtor;
•filing of, and developments in applications for avoidance of transactions in accordance with Chapter III of Part II of the Code
•changes, if any, in estimated liquidation costs.
Mintues of Consultation
with Stakeholders
•The liquidator shall maintain the particulars of any consultation with the stakeholders made under this Regulation, as specified in Form A of Schedule II.
Asset Sale Report
•The realized value;
•cost of realization, if any;
•the manner and mode of sale;
• if the value realized is less than the value in the asset memorandum, the reasons for the same;
•the person to whom the sale is made; and
•any other details of the sale.
Asset
Memorandum
•Value of the assets in accordance with Regulation 35;
•value of set of assets or assets in parcels or assets in a slump sale, as the case may be, valued in accordance with Regulation 35, if intended to be sold as specified in Regulation 32(b);
• intended manner of sale in accordance with Regulation 32, and reasons for the same;
•the intended mode of sale and reasons for the same in accordance with Regulation 33;
•expected amount of realization from sale; and
•any other information that may be relevant for the sale of the asset.
Final report prior to
dissolution
•When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor’s assets have been liquidated.
•If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same
•The final report shall form part of the application for the dissolution of the corporate debtor to the Adjudicating Authority to be made under section 54.
Details of cases admitted by NCLT:
S.No. Name of Corporate Debtor
Name of Bench
Creditor/ Debtor
Section Insolvency Professionals
Amount of Default (Crore)
1. M/s Murli Industries Ltd.
Mumbai Financial Creditor
7 Vijay Kumar V Iyer
1365.4
2. M/s Status Food Pvt. Ltd.
Ahmedabad Operational Creditor
9 - 0.22
3. M/s. Pooja-Tex Prints Pvt. Ltd
Ahmedabad Operational Creditor
10 - -
Details of the cases in respect of which the public announcement has been made: S.No. Name of
Corporate Debtor Name of Bench
Creditor/ Debtor
Section Insolvency Professionals
Amount of Default (Crore)
1. M/s. Era Infra Engineering Limited
Chandigarh Corporate Debtor
10 Mr. Vivek Goyal
2. M/s. Sky blue papers Pvt. Ltd.
Chandigarh Corporate Debtor
10 Mr. Jalesh Kumar
18.29
3. M/s. Super Multicolors Printers Pvt. Ltd.
Chandigarh Corporate Debtor
10 Mr. Prakash Dev Sharma
215.06
4. M/s. Nilgai Furniture Pvt. Ltd.
Mumbai Corporate Debtor
10 Mr. Pradip C. Shah
5. M/s. Gujarat NRE Coke Limited
Kolkata Corporate Debtor
10 Mr. Sumit Binani
3879.71
6. M/s. Janata Chemicals Pvt. Ltd.
Mumbai Operational Creditor
9 Mr. Amit Gupta
0.23
7. M/s MBL Infrastructures Ltd.
Mumbai Financial Creditor
7 Mr. Atanu Mukherjee
7.26
8. M/s. Swiber Offshore(India) Pvt. Ltd.
Mumbai Operational Creditor
9 Mr. Rajeev Mannadiar
0.48
9. M/s. Gupta Corporation Pvt. Ltd.
New Delhi Corporate Debtor
10 Mr. Rohit Jain
314.18
Status of recent cases: Sr. No.
Name of the Case Case Status
1. M/s DF Deutsche Forfait AG and Anr. Vs. M/s. Uttam Galva Steel Limited
The matter was filed under section 9 of The Insolvency & Bankruptcy Code, 2016 before the Mumbai Bench of National Company Law Tribunal. The amount of claim due to the petitioner was USD 16,542,886.33 equivalent to Rs. 110,40,30,876.44 towards 20000 tons of prime steel billets.
The matter was admitted on the grounds of compliance under section 9 of the code.
2. Pawan Dubey & Anr. Vs. M/s. J.B.K. Developers Pvt. Ltd.
The matter was filed under section 9 of The Insolvency & Bankruptcy Code, 2016 before the Principal Bench of National Company Law Tribunal. The amount of claim due to the petitioner was Rs. 25,97, 940/- towards the allotment of Residential Flat.
This matter was dismissed on the ground that the petitioner cannot be treated as “Operational Creditor” within the meaning of section 9 of the Code as the debt incurred by the respondents has not arisen out of provision of goods, services or employment. It can also not be considered ‘Financial Debt’ within the meaning of section 5 (8) to mean a debt which is disbursed against the consideration of the time, value or money.
3. Speculum Plast Pvt. Ltd. Vs. M/s PTC Techno Pvt. Ltd.
The matter was filed under section 9 of The Insolvency & Bankruptcy Code, 2016 before the Principal Bench of National Company Law Tribunal. The amount of claim due to the petitioner was Rs. 24,18,273.36
This matter was dismissed on the ground that the invoices are raised were for the period of 01.04.2013 to 19.09.2013 for the services rendered. The Present Proceedings have been initiated on 29.03.2017, i.e. After a period of three years from the last invoice raised and the Operational Creditor has failed to satisfy this bench as to how this claim is legally recoverable being beyond the period of limitation. The claim being time barred cannot be termed as a legally recoverable debt.
4. Raman Seth & Anr. Vs. M/s Unitech Hi-Tech Developers Pvt. Ltd
The matter was filed under section 9 of The Insolvency & Bankruptcy Code, 2016 before the Principal Bench of National Company Law Tribunal. The amount of claim due to the petitioner was Rs. 1,37,72,565. 40 towards the allotment of apartment.
This matter was dismissed on the ground that the petitioner cannot be treated as “Operational Creditor” within the meaning of section 9 of the Code as the debt incurred by the respondents has not arisen out of provision of goods, services or employment. It can also not be considered ‘Financial Debt’ within the meaning of section 5 (8) to mean a debt which is disbursed against the consideration of the time, value or money.
Seminars/Conference/Program held by IPA from 16th April 2017 to 30th April 2017 1. Seminar on Insolvency and Bankruptcy Code 2016- Practical Aspects for Bankers The seminar was conducted specifically for bankers giving them the brief of relevant provisions of Insolvency and Bankruptcy Code 2016 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) in association with Head Quarters of the Institute of Cost Accountants of India and EIRC of the Institute on 21st April 2017 at Kolkata. Dr. M.S. Sahoo, Chairperson of Insolvency and Bankruptcy Board of India was Chief Guest of the Program and Guest of Honors were Shri V.P. Singh, Judicial Member of NCLT Kolkata Bench, Smt. Rekha Warriar, Regional Director of Eastern Region Reserve Bank of India. The eminent speakers of the program were CMA J K Budhiraja, CEO, Insolvency Professional Agency of Institute and Senior Director (Technical) and Shri Sanjeev Pandey, Dy. General Manager, Insolvency and Bankruptcy Board of India. A comparative position of IBC and SARFAESI was presented before the large numbers of audience who were senior executives from various bankers in Kolkata. Dr. M.S. Sahoo, Chairperson, IBBI also released the Institute’s publication on “Insolvency and Bankruptcy Code 2016- Practical Aspects for Bankers”. The program was very well received and appreciated by the Bankers.
2. National webinar on "Practical Aspects of Insolvency and Bankruptcy 2016" It was conducted by CMA J.K. Budhiraja, CEO of the Insolvency Professional Agency of the Institute on 26th April 2017. He touched upon various provisions of IBC 2016 and briefly explained them. This was received by the members very well.
3. International Conference on “New Corporate Insolvency Regime” The Insolvency Professional Agency of Institute of Cost Accountants of India was associated with ASSOCHAM for the International Conference on “New Corporate Insolvency Regime” Ushering an Era of Change, supported by Insolvency and Bankruptcy Board of India and the UNCITRAL, and partners of the conference were INSOL India, the leading insolvency industry
advocacy body and SIPI – the newly set up think tank on insolvency. The International Conference was held on 28th and 29th April, 2017 at Hotel The Ashok, New Delhi. The conference was an effort to sensitize the Corporate India about the principles of the IBC; share global best practices with them and obtain market feedback on regular basis. The Chief Guest of the Conference was Shri Arjun Ram Meghwal, Minister of State for Finance & Corporate Affairs, GOI. The international conference were addressed by eminent national and international speakers having expertise in Insolvency and bankruptcy regime, Judges of Supreme Court of India and Supreme Court of Singapore, Chairperson- National Company Law Appellate Tribunal (NCLAT), President- National Company Law Tribunal (NCLT), Chairperson and Whole Time Member of Insolvency and Bankruptcy Board of India, bankers, Chairman- Bankruptcy Law Reforms Committee (BLRC), three professional institutes etc. CMA Sanjay Gupta, Vice President of the Institute was also one of the speakers in the conference. More than 300 delegates attended the conference and it was received very well by all.
FORTHCOMING EVENTS BY THE IPA OF ICAI - National Webinar on "How to prepare for limited Insolvency Examination" is scheduled to
be held on 8th May 2017.
IBBI UPDATE: Dr. (Ms.) Mukulita Vijayawargiya took charge as a Whole Time Member of the Insolvency and Bankruptcy Board of India in New Delhi. She will also look after Information Technology, Limited Insolvency Examination, National Insolvency Examination, Finance and Accounts and Communication.
Dr. (Ms.) Vijayawargiya was a member of Bankruptcy Law Reforms Committee (BLRC) based on which, the Insolvency and Bankruptcy Code, 2016 has been framed. She played a key role in drafting the Insolvency and Bankruptcy Code, 2016 as Additional Secretary in the Legislative Department, Ministry of Law & Justice. Dr. Vijayawargiya served as a member of Indian Legal Service. She has vast experience of 35 years in various fields of law. She has been associated with drafting/vetting of more than 100 legislative proposals in the legislative department.
IBBI invites public comments on Draft regulations for Fast Track
Resolution process for Eligible Corporate Persons
Insolvency and Bankruptcy Board of India (IBBI) vide Press Release dated 18th April 2017
issued ‘Draft Regulations for Fast Track Resolution Process for Eligible Corporate Persons’
'A draft notification under Section 55(2) of IBC, 2016 for eligible corporate debtors' has also been
issued specifying the threshold for initiating the Fast Track Corporate Insolvency Resolution
Process.
The Board has invited public comments on the draft regulations on 1) Fast Track Insolvency
Resolution Process for Corporate persons and 2) for eligible Corporate Debtor under Fast Track
Insolvency Resolution Process, separately.
The aforesaid draft Regulations are available on IPA as well as Institute’s websites:
www.ipaicmai.in and www.icmai.in respectively; and also on IBBI website www.ibbi.gov.in.
To facilitate members, the Institute will send the consolidated comments/ suggestions of
members/stakeholders to the IBBI.
In view of the above, it is requested that the members may send their comments/suggestions on
each provision of the draft regulations by email at: [email protected] latest by May 5th 2017 to enable
the Institute to submit the consolidated comments of the members by 8th May 2017 in the following
format:
Regulation No. Sub-Regulation No.
Page No/ Line No
Comments Justification
Enrolment is open under Regulation 5 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulation 2016. Any person, who has passed ‘Limited Insolvency Examination’ and meets qualification and experience criteria under Regulation 4 of the said Regulations, may enroll with ‘Insolvency Professional Agency of Institute of Cost Accountants of India’. The details regarding eligibility and other details concerning enrolment and registration are given at www.ipaicmai.in
With Best Wishes: CMA J K Budhiraja Chief Executive Officer (CEO) Insolvency Professional Agency of Institute of Cost Accountants of India CMA Bhawan, 3, Institutional Area, Lodhi Road, New Delhi - 110003 Phone No: 011-24666112 Email: [email protected]
Enrol and Register as an Insolvency Professional
Enrollment is Open: For Professionals & Advocates and Graduates having Management Experience
IPA of ICAI enrolls the professionals as ‘Insolvency Professionals’ under Regulation 7 read with Regulations 4 & 5 of
Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, if
1. He/she has passed the ‘Limited Insolvency Examination’, conducted by the Insolvency & Bankruptcy Board of
India (IBBI) and
2. Has/she has ten years of experience as -
(a) a cost accountant enrolled as a member of the Institute of Cost Accountants of India,
(b) a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India,
(c) a company secretary enrolled as a member of the Institute of Company Secretaries of India, or
(d) an advocate enrolled with a Bar Council. enrolled with a Bar Council, [OR]
3. He/ she has fifteen years of experience in management, after receiving a Bachelor’s degree from a University
established or recognized by law.
Insolvency Professional Agency of Institute of Cost Accountants of India (IPA of ICAI) (Section 8 Company of the Institute of Cost Accountants of India)
About IPA of ICAI: The Insolvency Professional Agency of Institute of Cost Accountants of India (IPA of ICAI), a section
8 company incorporated under the Companies Act 2013 has been promoted by the Institute of Cost Accountants of India to
enroll and regulate Insolvency Professionals (IPs) as its members in accordance with provisions of the Insolvency and
Bankruptcy Code 2016, Rules, Regulations and Guidelines issued thereunder.
Professional may function as:
Interim Insolvency Professional in Corporate, Individual and Partnership Insolvency Process; Fast Track
Corporate Insolvency Process; and Fresh Start Process;
Resolution Professionals for Corporate, Individual and Partnership Insolvency Process; Fast Track Corporate
Insolvency Process; and Fresh Start Process;
Liquidator in Liquidation Process for Corporate Persons;
Liquidator in Voluntary Liquidation for Corporate Persons;
Bankruptcy Professional for Bankruptcy of Individual and Partnership Firm.
CMA J. K. Budhiraja CEO, Insolvency Professional Agency of Institute of Cost Accountants of India
Registered Address:
CMA Bhawan, 4th
Floor, 3, Institutional Area,
Lodhi Road, New Delhi- 110003
Phone No.: 011 24666141, 24666120
Mail Id: [email protected]
Website: www.ipaicmai.in
Why to enrol as Insolvency Professional ……
It’s a niche area of practice with opportunities galore
With the first mover’s advantage, there is an opportunity to create a brand name
Adequate handholding from IBBI and the IPA of ICAI